Ecopro에코프로

Ecopro's profits have fallen sharply from 2022 levels, and its shares are well below their 52-week high, though recent news flow has been positive.

Ecopro is a Korean holding company with battery materials and environmental solutions businesses. On a trailing basis to H1 2026 it reported revenue of ₩3.3T, operating income of ₩286B and net income of ₩141B, but free cash flow was negative at -₩546B and borrowings of ₩4.7T are well above cash of ₩1.3T. At ₩74,400 the shares are down 20.7% over one year, versus a 52-week range of ₩63,400 to ₩190,000.

What stands out

• Trailing operating margin is 8.6%, up from 6.3% in 2025, but 2025 net income was a loss of ₩150B and 2024 had an operating loss of ₩293B.
• Revenue has grown from ₩3.1T in 2024 to ₩3.3T trailing, while 2022 revenue was ₩5.6T, so the business has shrunk from its peak.
• Valuation is high on earnings: P/E of 71.8 and P/B of 4.5, with a dividend yield of 0.2%, compared with peers in the data trading at P/E of roughly 3 to 8.
• The company's own fair value model gives a base value of ₩21,407, below the current price, with a bear of ₩14,272 and a bull of ₩29,970; this is a model output, not a forecast.
• Recent headlines are upbeat, including reports of multi-trillion-won cathode material supply talks with Chinese battery makers, but these are press reports and not confirmed in the filings provided.

What to watch

• Whether the reported Chinese cathode material supply deals are confirmed through formal filings and what volumes and terms are disclosed.
• Free cash flow and debt levels, given negative free cash flow and borrowings well above cash; the filings mention an exchangeable bond acquisition and a rights offering decision.
• Upcoming earnings results and the CEO change disclosed on 2026-10-19, which the data does not explain further.